Novo Resources Finalizes Initial Drilling at Wyloo Polymetallic Project, Unveils Robust Hydrothermal System in Pilbara

Wyloo SE Drilling Confirms Elevated Silver and Antimony Grades from Surface

The maiden reverse circulation drilling program at Wyloo SE included 16 holes totaling 2,615 metres across seven drill sections. Six sections spaced about 40 metres apart targeted the mapped quartz-sulphide vein structure, with a seventh hole drilled 220 metres northeast to test the Tasha Fault and small quartz veins. Drilling intersected the mapped amygdaloidal dacite host rock and sulphidic quartz veining previously identified by surface sampling.

The standout intercept was in hole 26WYR001, which returned 9 m at 92 g/t silver and 1,280 ppm antimony from surface, including a high-grade 1 m interval at 460 g/t silver and 1,425 ppm antimony from 2 m depth. The ENE-trending sulphidic vein dips shallowly (~30 degrees) south-southeast and narrows with depth. The Tasha Fault Zone, trending parallel with a steeper ~80-degree dip to the north-northwest, showed anomalous zinc and arsenic, with multiple zones exceeding 1,000 ppm zinc. These results mark the first step in testing the wider Wyloo polymetallic system and validate Novo's geological model.

Vera Prospect Expands Wyloo's Mineralized Footprint Significantly

Geochemical soil and rock chip sampling at the newly identified Vera prospect revealed a major mineral anomaly extending the mineralized area beyond Wyloo SE. Vera features a 260 m wide by 600 m long antimony-arsenic soil anomaly, with peak soil assays of 803 ppm antimony and 1,265 ppm arsenic indicating broad geochemical enrichment.

Rock chip samples from Vera returned peak grades of 3.5% antimony, 33.2 ppm silver, 1.4% zinc, and 2.1% lead, suggesting a polymetallic system with zinc and lead mineralization alongside primary antimony and silver targets. This discovery highlights potential additional mineralized zones within the Wyloo tenement and suggests the hydrothermal system at Wyloo SE may extend over a larger area. Consistent element associations across Wyloo SE and Vera support a coherent mineralizing system rather than isolated anomalies, reinforcing Novo's thesis on the prospect's scale potential.

Kavira Prospect Elevated as Priority Target Ahead of Heritage Survey

The Kavira prospect in the southwest Wyloo tenement has been prioritized following identification of a coherent, extensive stream sediment anomaly measuring 2.5 km by 800 m. This high-order antimony anomaly features peak stream sediment values of 19.9 ppm antimony and 57 ppm of associated elements including arsenic, copper, lead, and zinc. The area is covered by transported sheetwash, historically hindering bedrock observation.

Mapping revealed two outcrop areas near a northwest-trending creek, with one showing carbonate alteration in sheared schistose lithologies with vein arrays. Rock chip samples from this outcrop recorded anomalous grades: 570 ppm arsenic, 526 ppm copper, 431 ppm zinc, and 26 ppm antimony. Novo plans a heritage survey in H2 2026 to enable drilling beneath transported cover, positioning Kavira as a key exploration target with potential for significant bedrock mineralization.

Toolunga Copper–Gold Project Expands with New IOCG Targets

Novo has expanded its Toolunga Copper–Gold Project tenement by 722 km\u00b2, increasing total coverage to 2,242 km\u00b2. This acquisition targets iron oxide copper gold (IOCG) style deposits, enhancing exploration upside within the Pilbara region.

Reprocessed geophysical data and updated geological models identified three high-priority coincident magnetic-gravity targets exhibiting IOCG characteristics. These signatures are associated with some of the world's largest copper-gold deposits. The identification of these targets validates Novo's geological interpretation and supports plans to expand exploration activities at Toolunga as part of the company’s broader Pilbara portfolio.

Systematic Exploration Strategy Drives Novo's Pilbara Portfolio Progress

Management describes recent drilling and exploration results at Wyloo and Toolunga as evidence of Novo's strategy as an exploration project generator. The company systematically tests a portfolio of early-stage targets across Pilbara to build a pipeline of scalable projects. This multi-project approach differs from traditional single-asset explorers and aligns with Novo’s business model of advancing multiple opportunities simultaneously.

Mike Spreadborough, Executive Co-Chairman and Acting CEO, emphasized that consistent results from Wyloo SE drilling through Vera demonstrate "the hallmark of a system with real scale potential rather than an isolated pocket of mineralisation." This reinforces the company’s focus on building exploration narratives supported by multiple evidence lines. The findings at Wyloo and Toolunga validate Novo’s geological concepts, justifying further capital investment and continued pipeline development. Both projects remain in early exploration stages, indicating ample room for advancement and discovery.

Wyloo’s Geological Setting Benefits from Proximity to Operating Gold Mines

The Wyloo Polymetallic Project lies in southern Pilbara’s dynamic geological setting, offering exploration advantages. Wyloo SE and Kavira prospects are located within the Wyloo anticline core on the southeast flank of the Wyloo Dome, a basement high in the Ashburton Basin. This structure favors hydrothermal fluid concentration and mineralization. The regional Nanjilgardy Fault, about 5 km south, provides major structural control influencing mineralization.

The project is near Black Cat Syndicate’s (ASX:BC8) Paulsons Gold operation, approximately 40 km west-northwest within the same dome structure. This proximity validates the area’s precious metals potential and economic viability for gold and silver deposits. Access to existing mining infrastructure and demonstrated resource development supports Novo’s focus on polymetallic mineralization including gold, silver, antimony, zinc, and base metals. Geological continuity suggests Wyloo’s mineral systems may relate to the same regional metallogenic processes as Paulsons.

Hydrothermal Alteration System Supports Multi-Element Mineralization Model

Maiden drilling at Wyloo SE confirmed a significant hydrothermal alteration system with quartz-sulphide veining and multi-element mineral assemblages. Strong silver and antimony grades from surface, along with zinc and arsenic anomalies nearby, indicate favorable conditions for multiple metal precipitation and concentration. The ENE-trending vein dips shallowly (~30 degrees), suggesting potential for extensive vertical and lateral mineralization, possibly amenable to bulk-tonnage extraction if mineralization extends at depth.

The Tasha Fault Zone, dipping steeply (~80 degrees) parallel to the main vein, shows anomalous zinc and arsenic with zones exceeding 1,000 ppm zinc. This multi-phase structural mineralization pattern reflects evolved hydrothermal systems capable of generating large deposits. Consistent geochemistry across Wyloo SE, Vera, and Kavira suggests these anomalies represent a single large hydrothermal system, supporting Novo’s view of Wyloo’s "real scale potential."

Upcoming Exploration Plans and Timeline for H2 2026

Novo has outlined a clear exploration timeline prioritizing a heritage survey at Kavira in the second half of 2026, aiming to enable drilling targeting bedrock beneath transported cover. This phased approach meets regulatory heritage clearance requirements and aligns with Novo’s systematic exploration methodology. The completion of Wyloo SE drilling provides sufficient data to advance Kavira and Vera to subsequent investigation stages.

At Toolunga, the identification of three coincident IOCG-style magnetic-gravity targets positions the project for expanded exploration. Although detailed timelines for Toolunga advancement are not specified, the tenement expansion and target identification indicate likely increased resource allocation soon. Advancing multiple Pilbara projects concurrently reflects Novo’s business model of maintaining a diverse pipeline and allocating capital to the most promising targets based on validated results. Consistent outcomes at Wyloo and Toolunga have bolstered management’s confidence to increase commitments at both sites.

Sector Drivers Bolster Polymetallic and Base Metals Exploration Demand

Focus on polymetallic deposits including antimony, silver, zinc, and copper aligns with sector trends driving demand for these metals. Antimony is critical in battery technology, flame retardants, and industrial uses, with supply constraints fueling global exploration. Silver benefits from demand in renewable energy, electronics, and specialty manufacturing. Zinc is essential for galvanizing and brass production, while copper underpins electrical transmission and renewable energy infrastructure.

IOCG deposits targeted at Toolunga have historically hosted some of the world’s largest copper discoveries and remain key targets for major miners and juniors alike. Pilbara’s established mineral discovery history, infrastructure, skilled workforce, and permitting frameworks provide Novo with significant advantages. The polymetallic focus supports market trends favoring battery minerals and industrial metals critical to global energy transition and infrastructure development.